We're all Swensenians now
The appeal of commodities used to be the equity-like returns combined with low correlation to stocks and bonds. That all changed once the commodities bandwagon started rolling
Back in 1971, Richard Nixon uttered the now-famous "We're all Keynesians now", a phrase, it turns out, he lifted from Milton Friedman. In an effort to get a handle on what's happening with commodity prices these days, I thought it might be helpful also to borrow the phrase again, albeit with a twist. Let's start by replacing the name of John Maynard Keynes with that of David Swensen, the chief investment officer at Yale. Swensen, you'll recall, is renowned for his pioneering work in the
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